Things such as forms to use that will protect me so I don't get stuck with the property if the buyer backs out and the process of the deal.

Familial status is a protected class and requiring the short term tenant to be married could definitely be considered discrimination.  

Furnaces and AC units.Unless the roof is in good shapte, plan on putting a new roof on;  that protects everything underneath. 

I would be careful about spending all your cash on a few SFH's when you can leverage that base into more units.

Asset Protection for REI - should be read before ever starting in the business 5.

I don't know any Landlord that has been sued that would have been protected by an LLC or an umbrella policy.

They do spend time upselling you to Cardone University but I didn't find it annoying. 

@Jason DiClementeIt is done professionaly based on home inspection carried out by previous potential buyers that fell thru due to buyers income situation. i dont plan to.apply permit in short span, long term i will have to spend more money if necessary to right things, that is the risk i thinks is woth taking for the deal.Thanks for your suggestion.

Also for closing costs, I calculate between 3-5% of the purchase price....your estimation was close but I always estimate conservatively to protect my calculations. 

The exemption is for protecting small multi-family homeowner's from the woes of a bad tenant and creates flexibility in finding suitable tenants, who thus, are living in close proximity to the owner.